Personal Finance

Ask me about Credit Scores

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  • Mar 26th, 2024 1:13 pm
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Sep 6, 2018
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Halifax, Nova Scotia
Sternchen30890 wrote: Hello! My car loan is almost paid iff. Will that effect my score positive?
Maybe. I have seen DPs of score drops once an installment loan is paid and closed, possibly due to credit mix algorithms. YMMV
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Dec 19, 2001
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Fernando Poo
My credit score dropped last month from 860 to about 810 as shown by TransUnion (the freebie account). They've now ended my account. Mogo didn't show the drop last month but this month does. I' suspecting its delayed reporting. Think the cause of the drop is RBC Visa changing my billing from paper to electronic without my knowledge, which they corrected and refunded the interest charge, but still reported it, this happened last Oct. I checked the RBC report and it had me at around 760! Tried getting the free report from both Equifax and TransUnion by phone and it failed with both (saying wrong info, but they had no trouble when I had accounts with them in the past!!

Any reason to be concerned?

Thanks for all the advice.
Last edited by hagbard on Jan 12th, 2021 10:27 am, edited 1 time in total.
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Aug 24, 2016
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Sternchen30890 wrote: Hello! My car loan is almost paid iff. Will that effect my score positive?
No it won’t.
You would have already gained your points on that trade line within the first 24 months of having the loan open, and paid on time.
Sr. Member
Sep 16, 2007
851 posts
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Ancaster
I can not seem to get my credit score over 800. It's been hovering on 798 for months.

I don't understand how they work and what to do to get it to jump over 800. Its a personal challenge I set for myself since previously my credit score was incredibly embarrassing. I've worked really hard to improve it and seeing results make it worth the struggle. BUT now it seems stuck in the high 700's. Any suggestions?
She/Her
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May 18, 2019
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MartinaC32 wrote: I can not seem to get my credit score over 800. It's been hovering on 798 for months.

I don't understand how they work and what to do to get it to jump over 800. Its a personal challenge I set for myself since previously my credit score was incredibly embarrassing. I've worked really hard to improve it and seeing results make it worth the struggle. BUT now it seems stuck in the high 700's. Any suggestions?
Try to lower your utilization date.
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Sep 16, 2007
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Ancaster
NobleFalcon1 wrote: Try to lower your utilization date.
What does that mean? None of my credit cards carry a balance. My virgin mobile account reports to Equifax and I have a car loan. No mortgage payments. What more can I do?
She/Her
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Mar 23, 2008
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MartinaC32 wrote: What does that mean? None of my credit cards carry a balance. My virgin mobile account reports to Equifax and I have a car loan. No mortgage payments. What more can I do?
The balance sent to the credit reporting agencies is usually the balance on your statement. So do you pay your balances before the due date, or before the statement date? If you've been focusing on paying before the due date, then try paying them off before the statement date, so your credit cards show a zero (or minimal) balance on the statement.

Oh, and your score might actually improve if you had some another loan, like an LOC. But why worry about getting over 800? It's just a number. Won't even improve your Tinder swipeability... :)

C
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Sep 16, 2007
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CNeufeld wrote: The balance sent to the credit reporting agencies is usually the balance on your statement. So do you pay your balances before the due date, or before the statement date? If you've been focusing on paying before the due date, then try paying them off before the statement date, so your credit cards show a zero (or minimal) balance on the statement.

Oh, and your score might actually improve if you had some another loan, like an LOC. But why worry about getting over 800? It's just a number. Won't even improve your Tinder swipeability... :)

C
I pay them off before due date. I will pay more attention to statement date. I've been thinking of getting a LOC just to have something else reporting to my file. As I stated above I just want to hit 800 once in my life. It's been a long struggle to get my credit score up and stay there for over a few years.

LOL @ Tinder swipeability....far too old for that nonsense. :)

Thanks for the advice.
She/Her
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Dec 19, 2001
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Fernando Poo
Let me try a different question. With Credit Karma, do you get an actual credit report or just the score? That is, do I see any applications for credit, missed payments, etc? I know with Mogo you don't get a credit report (at least, I never have).
Welcome to the Minitrue FDs, Ficdep
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Feb 6, 2019
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hagbard wrote: Let me try a different question. With Credit Karma, do you get an actual credit report or just the score? That is, do I see any applications for credit, missed payments, etc? I know with Mogo you don't get a credit report (at least, I never have).
With CK you will see

your score (and a graph of your score over the preceding few months)
hard credit checks
any Collections, etc on your file

a list of each account reporting on your file, clicking on it you can see its:
balance
highest reported balance
account status
open and closed date
term
closed date
status
whether it is an individual or joint account
payment status: ie, current
last payment date
amount of payment
amount past due
worst payment status
3 years of month by month history showing a check mark if paid that month (assuming an X if not - I don't have any of those)

there is also sponsored credit suggestions - loans, cc, mortgages, etc

a reminder that the score is "unofficial", and not every creditor is reporting on a regular monthly cadence - some info could be a month or two behind
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Dec 19, 2001
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Fernando Poo
Just to be clear, it will show who made the report (eg: RBC) not just that someone had reported to the credit agency?
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Feb 6, 2019
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hagbard wrote: Just to be clear, it will show who made the report (eg: RBC) not just that someone had reported to the credit agency?
Correct

Example
MBNA Inquiry made Aug 20 2020
Newbie
Dec 11, 2020
10 posts
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If your score is 800+ your laughing. Average score in Canada is about 750.

Personally I’m newly back in Canada and re establishing my credit. Working to get 825-835 and I’ll be happy!
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Aug 24, 2016
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MIchaelDR wrote: If your score is 800+ your laughing. Average score in Canada is about 750.

Personally I’m newly back in Canada and re establishing my credit. Working to get 825-835 and I’ll be happy!
You don’t even need to be 800 to laugh.
Aiming to soar past 780 is pointless, and will get you nothing more than someone else with 750, everything else being equal.
Newbie
Dec 11, 2020
10 posts
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A few points. It’s very hard for someone commenting on your FICO if we don’t see your actual report.

However let me add my two cents into this. 800 is a very good score, so even 790 is awesome. I would advise you to focus on quality credit. Go through your cards and look at what your two lowest lines are. If they are vastly different than your highest line then either get that creditor to up it. Or close them and apply after 2-3 months for two cards to replace them.

How many credit cards do you have? Look at having 7-8 good quality cards. Get rid of the Staples Credit card and replace it with an Am. Express Card. (Example).

FICO also rates you on types of accounts you have. Mortgage. Car loans. Personal loans. If need be, take out a personal loan even for a small amount for one year and pay it each month.

Also the amount of credit you have matters. Higher total credit will be viewed as more trusted. Call creditors every six to eight months and request a credit line increase. Your going on vacation, renovating the house, car broke down and need to pay repair bills. Seek an increase of about one card every six weeks.
AmEx gives a 3X increase each six months and they have plenty of no fee cards. National Bank is also very liberal with credit lines!

Hope this advise helps you out!
Newbie
Dec 11, 2020
10 posts
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I would recomend applying for the Triangle M/C as well as a no fee National Bank M/C both are fairly easy to get and I know National grants fairly good credit lines.

Perhaps a credit builder loan could help you also. Put say $2,500 in a one year fixed deposit get the cash and put in a mix of 30-60 and 90 day deposits. When each one matures either pay off that months payment or roll it over again. At the end of one year you get the initial deposit back and have one further trade line with 12 on time payments on your file!

Also try and get a cell phone plan to report to the bureaus.

Sounds like you’ve got a fairly good foundation with two cards.

Good luck!
Deal Expert
Dec 5, 2006
16790 posts
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Markham
MIchaelDR wrote: I would recomend applying for the Triangle M/C as well as a no fee National Bank M/C both are fairly easy to get and I know National grants fairly good credit lines.

Perhaps a credit builder loan could help you also. Put say $2,500 in a one year fixed deposit get the cash and put in a mix of 30-60 and 90 day deposits. When each one matures either pay off that months payment or roll it over again. At the end of one year you get the initial deposit back and have one further trade line with 12 on time payments on your file!

Also try and get a cell phone plan to report to the bureaus.

Sounds like you’ve got a fairly good foundation with two cards.

Good luck!
Which post you reply to?
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Dec 19, 2001
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Fernando Poo
rychicken wrote: Correct

Example
MBNA Inquiry made Aug 20 2020
Thanks! Went ahead, found Royal dinged my credit report the end of Dec, though last time I looked, was end of Nov? The amount in Nov was around $50 from what I recall, Dec is zero. Still, my credit dropped nearly a hundred points!! Not that I was really credit worthy of my 860 score since I rarely use credit (my other card is in my wife's name), just a few utility bills. Just wanted to make sure I wasn't dealing with identity theft.
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Aug 5, 2015
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New Westminster
I know the age of an account is part of the calculation of your credit score.

I still have my very first credit card open from TD (2005). I never use the card though. If I put a small recurring bill on it each month and pay it will that boost my score? Or am I ok just leaving it dormant and having its length of tenure boost my score?

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